In Short...

A round up of today's other stories in brief.

AIB Polish arm's profit rises by 20%

Allied Irish Bank's Polish unit Bank Zachodni WBK delivered a 20 per cent increase in profit in the first nine months of the year.

The result was ahead of market expectations, boosted by a rise in demand for its consumer loans and an increase in its mutual funds business.

Profit after tax was 412.5 million zlotys in the nine months ended September, compared with 343.5 million zlotys in the year-earlier period. Analysts had forecast 400 million zlotys.

SSIAs to inject €16bn to economy

Maturing Special Savings Incentive Accounts (SSIAs) will release €16 billion into the economy over the coming two years, €1 billion more than some analysts suggest, according to a new study from Davy.

The maximum monthly contribution a saver can make to an SSIA is €254, with average contributions standing at €175 last year.

Davy's €16 billion estimate, which factors in likely investment returns, equates to 11 per cent of projected economic output for 2006.

Healthcare firm wins social award

Johnson & Johnson, the healthcare product manufacturer, was last night named overall winner of the Chambers of Commerce of Ireland's annual President's Awards for Corporate Social Responsibility.

The company won the award for its Special Achievers Club, through which more than 350 employees of Johnson & Johnson's five Munster-based companies became involved in the Special Olympics Ireland.

Buckley invests €160,000 in DCC

Michael Buckley, the former AIB chief executive, has spent €160,000 on the purchase of 10,000 shares in DCC at €16 per share.

Mr Buckley became a non-executive director of DCC in September. Shares in the company closed at €16.22 last night, up 27 cent on the day.

Petroceltic ups discovery stake

Exploration group Petroceltic International said yesterday it had increased its stake in one of its Italian discovery licenses to 40 per cent from 15 per cent.

The group also said that oil reserves within the license area are estimated to be about 182 million barrels.

Coyle Hamilton fined €2,000

Coyle Hamilton Trustees pleaded guilty yesterday to failing to prepare and make available to members reports relating to a pension scheme they were responsible for in 2003 and 2004.

Dublin District Court heard there were inadequate checks by the trustees in relation to the administration of the scheme. The company was fined €2,000 and ordered to pay €2,400 costs.

Belfast airport cap case abandoned

A legal challenge to Belfast City Airport's bid to have its cap on passenger numbers removed was abandoned in the Belfast High Court yesterday.

BIA's lawyer, David Scoffield, said it had been BIA's contention it was unlawful for the Planning Service to undertake a review of passenger numbers as legislation to do so was not in force.

Private Irish firms upbeat on profit

More than 90 per cent of privately owned Irish firms believe their profits will rise or remain the same in the next half year, says a new survey by TNS-MRBI for accounting group KPMG.